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Lulu Group International has revived its long-stalled shopping mall project in Visakhapatnam after signing a fresh MoU with the Andhra Pradesh government. The 13.43-acre site at Harbour Park on RK Beach Road was recently handed back to APIIC, removing the final obstacle to construction. The plan features an international-standard mall with a Lulu Hypermarket, global retail brands, an eight-screen IMAX multiplex, a food court, fine-dining options and a Funtura amusement zone. Lulu Group has reiterated its earlier requests for a 99-year lease and a three-year rent-free period. The INR 1,066-crore project is expected to generate about 5,000 direct and 12,000 indirect jobs and will also support upcoming food-processing and export facilities in the state.
Lulu Group International has revived its shopping mall project in Visakhapatnam after signing a new MoU with the Andhra Pradesh government. The project had remained stalled during the previous administration, and the land at Harbour Park on RK Beach Road had not been used for development. The land, measuring around 13.43 acres, was recently transferred back to the Andhra Pradesh Industrial Infrastructure Corporation (APIIC) by the Visakhapatnam Metropolitan Region Development Authority, clearing the last major hurdle for construction to restart. Advertisement
The revived plan includes the development of an international-standard mall featuring a Lulu Hypermarket, national and international retail brands, an eight-screen IMAX multiplex, a food court with fine-dining options, and an amusement zone named Funtura. The company has also requested a 99-year lease, a three-year rent-free period or until the mall becomes operational, a 10 percent rent increase every decade, and eligibility for government incentives. These terms were part of Lulu Group's earlier proposal and have now been brought back into discussion with the new administration.
Lulu Group's chairman, M.A. Yusuff Ali, mentioned that the project was first launched several years ago but could not progress due to reasons beyond their control. He added that the current state leadership encouraged the group to restart the development. Construction is expected to begin now, and the company is targeting completion in approximately three years. The project is expected to generate around 5,000 direct jobs and nearly 12,000 indirect jobs once operational.
This mall will become Lulu Group's ninth shopping mall in India. Reports indicate an estimated investment of about INR 1,066 crore for the Visakhapatnam project. Alongside the mall, the company is planning to set up food-processing and export facilities in Andhra Pradesh, including a logistics hub in the Rayalaseema region. The group has also indicated plans to source mango and guava pulp and spices from local farmers for export operations.
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